·  The selected companies, from nine countries, reflect the region’s diversity and have strong financial and innovative capacity to target the Spanish and European market, with high social and environmental commitment..

·  The programme acts as a channel for the growing interest of Latin American technology companies in targeting the Spanish market, and represents an opportunity for Spain in terms of potential innovative solutions emerging to address its challenges across different areas.

ICEX-Invest in Spain, IDB Lab and Endeavor have launched the third edition of the Spain-LATAM Scale UP programme, aimed at a selection of startups and scaleups from Latin America and the Caribbean, and with the objective of making them aware of the opportunities and steps necessary to establish themselves in Spain as a bridge for their European expansion.

A total of 14 Latin American startups from Argentina, Chile, Colombia, Ecuador, Mexico, Panama, Paraguay, Peru and Uruguay have been selected from almost 300 candidates to participate in this third edition. During this immersion programme, they will acquire broad and in-depth knowledge of the main players in the Spanish technology entrepreneurship ecosystem.

This edition of the programme also highlights the presence of companies led by female entrepreneurs and their environmental and social commitment, in areas such as the fight against discrimination and sexual harassment, food waste and care for the elderly and the most vulnerable in society.

Staff from startups will have the opportunity to participate in conferences featuring over 40 specialised speakers, including the main players in the entrepreneurship ecosystem from institutions, venture capital (VC) funds, corporations with open innovation processes and successful startups in Spain, both Spanish and Latin American. Participating companies will also have a law firm at their disposal to help establish themselves in Spain, as well as a service to connect them with Spanish corporations according to the industry in which they are active.

The programme will be implemented in collaboration with leading players in the Spanish technological entrepreneurship ecosystem, such as Google, Wayra Telefónica, The Venture City, Cabify, Fever, Iberia, Sacyr, La Caixa and Lanzadera, to name but a few. 

This initiative is part of a growing interest among Latin American companies to establish themselves in Spain as a gateway to Europe, in the field of technology in this case. With respect to innovation, the arrival of these companies represents an important opportunity for the Spanish economy to face specific challenges, such as the ageing population or the green transition.

Welcome Day
At the welcome session for the companies held in Madrid, ICEX CEO Elisa Carbonell emphasised that the current situation is “extremely interesting” due to the maturity of the technological entrepreneurship system, as well as the possibilities for financing, hiring developers and finding partners, clients and talent for companies. 

She reminded the startups of the numerous opportunities that Spain has to offer as a basis for their expansion into the European and global market, as well as highlighting Spain’s contribution “to fostering ties between the entrepreneurial ecosystems of Spain and Europe with Latin America, in both directions”.

Fazia Pusterla, IDB Representative in Europe, agreed that the programme represents a “solid collaboration between Latin America and Europe, allowing innovative startups to access the European market through Spain”. It is also an example of IDB Lab's mission as an innovation hub for development, promoting early-stage solutions with the potential to benefit vulnerable populations and boost new drivers of sustainable growth.

“These companies not only provide cutting-edge technological solutions, but are also committed to social and environmental causes, which is essential for addressing global challenges and fostering their international expansion,” she concluded.

Antonio Iglesias, the CEO of Endeavor Spain, pointed out that “Spain is an excellent gateway to Europe for Latin American startups and scaleups, thanks to its cultural proximity with Latin America, its strategic position and its increasingly dynamic and mature entrepreneurial ecosystem. Business connections and access to key markets in Europe make Spain the ideal starting point for companies looking to expand internationally.”

Technical sessions and institutional meetings
This year, Spain-LATAM Scale-Up combines technical sessions, working meetings, institutional events and networking activities. Aspects analysed during the conference will include startup financing and  success stories related to the creation of a global company, all gleaned from Spanish and Latin American companies’ experiences.

It will also address the impact ecosystem in Spain, the legal and fiscal variables involved in establishing startups, visas for entrepreneurs and the possibility of collaborating in Spanish companies’ open innovation activities. The programme, which will take place in Madrid and Valencia, may also be extended to Malaga, Bilbao and Barcelona.

The 14 start-ups selected were:

1.    Ainwater (Chile). Digital transformation in water management for industry and healthcare.

2.    Avenfor (Colombia). Advanced technological solutions in cybersecurity.

3.    Creditú (Chile). Startup dedicated to democratising access to housing finance and reinventing the customer experience through a digital service.

4.    Eat Cloud (Colombia). Digital bridge in the food ecosystem for redistributing surpluses, and using AI to connect the industries involved.

5.    ELSA (Peru). Startup founded by women working to build workplaces that are free of sexual harassment and discrimination, using a B2B SaaS solution.

6.    Getin (Mexico). Firm dedicated to retail analytics services so that brands can improve their operational efficiency, as well as measuring commercial and marketing strategies to boost their sales.

7.    Hackmetrix (Mexico). Cybersecurity company specialising in helping startups monitor systems, identify and fix vulnerabilities and prevent security breaches.

8.    Helpers (Paraguay). Firm dedicated to the domestic services and elderly care industry in order to create quality employment and improve working conditions in the industry.

9.    Hunty (Colombia). This company provides an AI algorithm to evaluate candidates objectively during recruitment processes and filter the best profiles for each vacancy.

10. Delego by Intelligis (Panama). Startup that develops intelligent software to provide companies with the tools they need to optimise their delivery routes.

11. Nuda (Uruguay). This company proposes a new way of investing in real estate, by offering financial security so that older people can sell the title deeds to their homes while retaining the right to live there for life.

12. Qubick (Argentina). Free digital platform to meet SMEs’ logistics needs as a single provider supported by AI tools.

13. Suncast (Chile). Chilean technology company that carries out solar and wind energy forecasting, calculating the forecast for solar and wind power plants by using highly accurate predictive models.

14. Vamos Pasajes (Ecuador). Startup that facilitates the purchase of interprovincial bus tickets by digital means, using WhatsApp as its main sales channel.

By the end of the immersion programme, startups will have received key information about the business climate in Spain, and will be able to discuss with experts the legal, operational and technological aspects necessary to go about establishing themselves in Spain as a bridge to the global expansion of their business. They will also benefit from free legal services and contact with large Spanish corporations.

About ICEX-Invest in Spain
ICEX's Invest in Spain Executive Directorate is responsible for promoting, attracting and encouraging foreign investment in Spain, as well as reinvestment by foreign companies already established in the country. It also performs activities to position Spain as a global platform for international business and investment. Another area of action for ICEX-Invest in Spain relates to improving the business climate in Spain, in continuous dialogue with other ministerial departments and those business associations and companies established in Spain, both Spanish-owned and those  from other countries. www.investinspain.org

About IDB Lab
IDB Lab is the innovation and venture capital arm of the Inter-American Development Bank Group. We find new ways to boost social inclusion, environmental action and productivity in Latin America and the Caribbean. IDB Lab leverages funding, knowledge and connections to support early-stage entrepreneurship, develop new technologies, boost innovative markets and energise existing industries. www.bidlab.org

About Endeavor
Endeavor is the world's leading community of High Impact Entrepreneurs, being founded in 1997. Endeavor is a global organisation that promotes economic, social and cultural transformation by selecting, supporting and investing in the growth of the world's best entrepreneurs and their scaleups. Nowadays, the Endeavor network spans over 40 countries and supports more than 2,300 entrepreneurs whose companies generate total revenue of over USD 42 billion, have created over 3.4 million jobs and, by 2021, have raised over USD 12.3 billion in capital. Its unique model of prioritising the entrepreneur and a trusted network provides a platform for entrepreneurs to dream big, scale up and reinvest their experience as mentors to the next generation of entrepreneurs. www.endeavor.org.es